Академический Документы
Профессиональный Документы
Культура Документы
Incorrect
Mark 0.00 out of 1.00
Not flaggedFlag question
Question text
In accepting a job, you incur an opportunity cost.
Select one:
a. true
b. false
Feedback
The correct answer is: true
Question 2
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
A rightward shift of the production possibilities curve represents economic
growth.
Select one:
a. true
b. false
Feedback
The correct answer is: true
Question 3
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
The shape of the production possibilities curve reveals the degree of income
equality in an economy.
Select one:
a. true
b. false
Feedback
The correct answer is: false
Question 4
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Economic growth can be pictured in a production possibilities curve diagram by
Select one:
a. shifting the production possibilities curve out.
b. moving from right to left along the curve.
c. moving from left to right along the curve.
d. shifting the production possibilities curve in.
Feedback
The correct answer is: shifting the production possibilities curve out.
Question 5
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Figure 1.3
Figure 1.2
In Figure 1.2, the combination of civilian goods and military goods shown by
point B
Select one:
a. reflects an inefficient use of resources.
b. can be attained only if some of society's resources are unemployed.
c. reflects an efficient use of resources.
d. is not attainable at the point in time for which the graph is drawn.
Feedback
The correct answer is: reflects an efficient use of resources.
Question 9
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Suppose the current unemployment rate is 15 percent. If it rises to 20 percent,
Select one:
a. the production possibilities curve will shift inward.
b. the economy will move closer to the production possibilities curve.
c. the economy will operate further inside the production possibilities curve.
d. the economy will move up along the production possibilities curve.
Feedback
The correct answer is: the economy will operate further inside the production
possibilities curve.
Question 10
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
The assumption of rational self-interest implies that people will choose to
enrich themselves even if doing so violates the rights or property of others.
Select one:
a. true
b. false
Feedback
The correct answer is: false
Question 11
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Figure 1.3
What change would occur if the economy moves from point C to point B in Figure
1.3?
Select one:
a. Resources previously devoted to producing consumer electronics would be used
to produce housewares.
b. Previously unemployed resources would be used to produce housewares.
c. Previously unemployed resources would be used to produce consumer electronics.
d. Resources previously devoted to producing housewares would be used to produce
consumer electronics.
Feedback
The correct answer is: Resources previously devoted to producing housewares would
be used to produce consumer electronics.
Question 12
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
If you can earn $10 an hour as a retail clerk, $12 an hour as an office assistant,
$16 an hour as a house painter, and $20 an hour repairing bicycles, what is your
opportunity cost of working to repair bicycles?
Select one:
a. $12 an hour
b. $10 an hour
c. $20 an hour
d. $16 an hour
Feedback
The correct answer is: $16 an hour
Question 13
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Gifts of nature used in the production process are considered
Select one:
a. entrepreneurship.
b. labor.
c. land.
d. capital.
Feedback
The correct answer is: land.
Question 14
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
The market system is also called the price system because
Select one:
a. people pay money in markets.
b. everything has a price tag.
c. rising prices are the signal to producers to make more of a particular good.
d. inflation is a disturbing problem.
Feedback
The correct answer is: rising prices are the signal to producers to make more of
a particular good.
Question 15
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Which one of the following is FALSE?
Select one:
a. The U.S. labor force will continue to grow through immigration.
b. Inflation stops economic growth.
c. Increased availability of reliable communication channels at lower and lower
costs have led to companies relocating their manufacturing operations offshore.
d. The size of the U.S. labor force continues to grow despite many jobs being
moved off-shore.
Feedback
The correct answer is: Inflation stops economic growth.
Question 16
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Which one of the following is TRUE?
Select one:
a. The factors of production are land, labor, capital, and entrepreneurship.
b. Land is a factor of production only in agricultural endeavors.
c. Capital is a factor of production only in high-tech industries.
d. Labor is a factor of production only in providing services.
Feedback
The correct answer is: The factors of production are land, labor, capital, and
entrepreneurship.
Question 17
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
The factors of production are
Select one:
a. never as useful as people expect them to be.
b. valuable only because they are owned by corporations seeking to make a profit
from them.
c. scarce resources.
d. abundant without limit on the planet.
Feedback
The correct answer is: scarce resources.
Question 18
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
In choosing whether to produce something, a firm wants to know
Select one:
a. how the cost of producing the good compares to its selling price.
b. how many other firms are producing the same good.
c. how long the typical consumer will shop before making this purchase.
d. how frequently consumers who purchase the good will actually use it.
Feedback
The correct answer is: how the cost of producing the good compares to its selling
price.
Question 19
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Resources are also known as
Select one:
a. stocks, bonds, and other financial instruments.
b. minerals.
c. factors of production.
d. factories.
Feedback
The correct answer is: factors of production.
Question 20
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Markets tend to
Select one:
a. benefit sellers at the expense of buyers.
b. exist primarily in towns or cities.
c. facilitate exchange.
d. benefit buyers at the expense of sellers.
Feedback
The correct answer is: facilitate exchange.
Question 21
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
What would lead a customer to purchase a product?
Select one:
a. She believes the firm will earn a fair profit by selling the product to her.
b. She believes the price is an accurate reflection of the good's relative
scarcity.
c. Her expected value from consuming it exceeds the cost of purchasing it.
d. Her expected value from consuming it exceeds the cost of producing it.
Feedback
The correct answer is: Her expected value from consuming it exceeds the cost of
purchasing it.
Question 22
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
In choosing a method of production, firms will seek to use the least-cost
combination of inputs.
Select one:
a. true
b. false
Feedback
The correct answer is: true
Question 23
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
A recent study found that eating dark chocolate can provide cardiovascular health
benefits. What effect does this have on the market for dark chocolate?
Select one:
a. The price of dark chocolate can be expected to decline.
b. Dark chocolate is now relatively less scarce.
c. Dark chocolate is now relatively more scarce.
d. The price that the typical consumer is willing to pay for dark chocolate will
decline.
Feedback
The correct answer is: Dark chocolate is now relatively more scarce.
Question 24
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Production refers to
Select one:
a. any activity that causes a material conversion of an object.
b. any activity that results in the conversion of resources into goods and
services that can be consumed.
c. any activity carried on by a firm, whether a corporation, partnership, or
sole proprietorship.
d. physically producing material goods only.
Feedback
The correct answer is: any activity that results in the conversion of resources
into goods and services that can be consumed.
Question 25
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Which one of the following is TRUE?
Select one:
a. The growth of the U.S. population over the next several decades will come
from immigration.
b. Population growth makes a country poorer, because there are more mouths to
feed.
c. Real per capita GDP can increase only if there is inflation.
d. Real per capita GDP can increase only if there is no inflation.
Feedback
The correct answer is: The growth of the U.S. population over the next several
decades will come from immigration.
Question 26
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
What is the purpose of a market system?
Select one:
a. to facilitate efficient exchange
b. to encourage consumers to buy goods on credit
c. to ensure an equal distribution of income
d. to ensure that everyone is treated fairly
Feedback
The correct answer is: to facilitate efficient exchange
Question 27
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
What will happen when the price of a good is held below its equilibrium price?
Select one:
a. A surplus results.
b. Supply of the good decreases.
c. Demand for the good increases.
d. A shortage results.
Feedback
The correct answer is: A shortage results.
Question 28
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Scarcity can be eliminated by increasing the price of a good.
Select one:
a. true
b. false
Feedback
The correct answer is: false
Question 29
Incorrect
Mark 0.00 out of 1.00
Not flaggedFlag question
Question text
The market demand curve for a particular good
Select one:
a. will not be affected by any of the determinants of individual demand.
b. is the horizontal sum of each individual demand curve for the good.
c. will show a direct relationship between price and quantity demanded.
d. may be less than an individual demand curve for the good.
Feedback
The correct answer is: is the horizontal sum of each individual demand curve for
the good.
Question 30
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Suppose a college increases the wages paid to student employees. Which of the
following options is the best description of the most likely effect of the wage
increases on the market for school sweatshirts in the bookstore?
Select one:
a. The demand curve shifts to the left.
b. There is a leftward movement along the demand curve.
c. The demand curve shifts to the right.
d. There is a rightward movement along the demand curve.
Feedback
The correct answer is: The demand curve shifts to the right.
Question 31
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Which of the following will shift the supply curve to the right?
Select one:
a. There is an increase in the number of consumers in the market.
b. There is an increase in the number of firms producing the good.
c. Input prices rise.
d. Sales taxes increase.
Feedback
The correct answer is: There is an increase in the number of firms producing the
good.
Question 32
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Table 3.1
According to Table 4.4, what is the total utility when six CDs are purchased?
Select one:
a. 65
b. 260
c. 120
d. 220
Feedback
The correct answer is: 260
Question 48
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
A price increase will cause a relatively large drop in quantity demanded when
Select one:
a. demand is perfectly inelastic.
b. the price elasticity of demand is 0.
c. there is very little time allowed for consumers to react.
d. the consumer has easy access to a number of substitute goods.
Feedback
The correct answer is: the consumer has easy access to a number of substitute
goods.
Question 49
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Table 4.5
Using Table 4.5, diminishing marginal utility begins after the ________ glass of
water is consumed.
Select one:
a. fourth
b. second
c. first
d. third
Feedback
The correct answer is: first
Question 50
Incorrect
Mark 0.00 out of 1.00
Not flaggedFlag question
Question text
The more you are willing to pay for an item, the more marginal utility you derive
from it.
Select one:
a. true